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Bloomberg Bank of England Governor Mark Carney said tough oversight of bankers and threats of jail aren’t enough to prevent talent from joining the industry. Carney was discussing the UK’s Senior Managers’ Regime, a response to the “relatively limited consequences” for senior bankers in the wake of the financial crisis. It works on the basis that ignorance is no defense, ...

Bloomberg Federal Reserve Chairman Jerome Powell has some further explaining to do after the central bank’s monetary messages whipsawed financial markets over the last month. Powell holds a press conference at 2:30 pm on Wednesday in Washington following a two-day meeting of the Federal Open Market Committee. Investors expect the FOMC to keep interest rates on hold. Its policy statement ...

Bloomberg Europe’s retail crisis deepened as companies in the UK and Germany are poised to cut thousands of jobs as online shopping accelerates the erosion of sales from traditional bricks-and-mortar stores. Tesco Plc, the biggest UK grocer, will eliminate about 15,000 positions and close meat, fish and delicatessen counters, the Mail reported, citing unidentified industry sources. Galeria Kaufhof, which has ...

Bloomberg Jet Airways India Ltd is seeking the approval of shareholders to convert loans into equity as the ailing carrier saddled with $1.1 billion of debt negotiates a rescue deal with its lenders and partner. India’s biggest full-service carrier has called an extraordinary general meeting on February 21 in Mumbai, during which it will also seek consent for lenders to ...

Bloomberg US airlines rallied as American Airlines Group Inc and Southwest Airlines Co predicted strong revenue gains after surpassing Wall Street’s profit estimates late last year. American vowed to outperform rivals in charging higher fares this year as it adds flights at hubs where it dominates traffic, such as Charlotte, North Carolina, and Dallas-Fort Worth. Southwest said it was benefiting ...

Bloomberg Credit Suisse Group AG lost about $60 million late last year after it was left holding shares in the luxury parka maker that slumped during tensions between Canada and China, according to people with knowledge of the matter. Credit Suisse acted as an underwriter on the sale of 10 million shares by Canada Goose Holdings Inc stockholders in late ...

Bloomberg Plastic has been a hot topic in Davos and more big-name companies are stepping up commitments to reducing plastic waste — playing catch-up to other industry leaders. Fast-food chicken chain KFC said that all plastic-based, consumer-facing packaging will be recoverable or reusable by 2025. Walmart Canada announced plans that include reducing plastic bag use by 2025 that will take ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, witnessed, on Sunday, the signing of two new strategic equity partnerships between the Abu Dhabi National Oil Company (Adnoc), Eni and OMV covering both Adnoc Refining and a new trading joint venture, which will ...

Abu Dhabi / WAM The UAE’s non-oil foreign trade has achieved remarkable growth in re-exports by 5 percent during the first nine of 2018, compared to the same period last year, in a move that reflects the high competitive advantage of the re-export activity in UAE, and its global standing in this field, according to preliminary statistical data of the ...

Bloomberg Saudi Crown Prince Mohammed bin Salman, who’s already embarked on the biggest overhaul of the Saudi economy in its modern history, is preparing to roll out details of a sweeping plan to develop infrastructure and industry across the Middle East’s biggest country by area. Saudi Arabia is seeking 1.6 trillion riyals ($425 billion) of investment in railways, airports and ...